Realty stock engaged in the business of real estate construction, development, and other related activities jumped 4 percent in the day’s trade upon selling inventory worth Rs. 2,690 Crores in its newly launched project in Mumbai.
With a market capitalization of Rs. 70,000 Crores, the shares of Godrej Properties Limited were trading at Rs. 2,493.70, up 3.56 percent from its previous day’s close price of Rs. 2,407.95.
Godrej Properties Limited announced that it has sold inventory worth Rs. 2,690 Crores in its newly launched project Godrej Reserve, located in Kandivali, Mumbai. Godrej Reserve has a developable potential of ~ 3.72 million square feet with an estimated revenue potential of approximately Rs. 7,000 Crores
Godrej Reserve was launched within fifteen months of acquiring the land, this is Godrej Properties Limited’s one of largest residential developments and the most successful launch ever in Mumbai in terms of the value and volume of sales achieved.
Mr. Gaurav Pandey, MD & CEO, of Godrej Properties, said, “We are delighted with the response to our project, Godrej Reserve. This has now become the best-ever launch in Mumbai residential real estate. We’d like to take this opportunity to sincerely thank our customers and all stakeholders for their trust and confidence in Godrej Properties. We will do our best to ensure Godrej Reserve offers its residents an outstanding living experience.
Godrej Properties Limited is engaged in the business of real estate construction, development, and other related activities operating through the Godrej Brand, some of which are Godrej Avenues, Godrej Icon, Godrej United and many more.
Its revenue from operations grew by 68.36 percent from Rs. 196 Crores in Q3FY23 to Rs. 330 Crores in Q3FY24, accompanied by profits of Rs. 56 Crores to Rs. 63 Crores.
Written by: Bharath K.S
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